ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of December 8, 2006 between Residential
Funding Company, LLC, a Delaware limited liability company ("RFC") and Residential Asset
Mortgage Products, Inc., a Delaware corporation (the "Company").
Recitals
A. RFC has entered into seller contracts ("Seller Contracts") with the
seller/servicers.
B. The Company wishes to purchase from RFC certain Mortgage Loans (as hereinafter
defined) originated pursuant to the Seller Contracts other than the Arrearages (as defined
in the Pooling and Servicing Agreement) with respect thereto.
C. The Company, RFC, as master servicer, and U.S. Bank National Association, as
trustee (the "Trustee"), are entering into a Pooling and Servicing Agreement dated as of
November 1, 2006 (the "Pooling and Servicing Agreement"), pursuant to which the Trust
proposes to issue Mortgage Asset-Backed Pass-Through Certificates, RAAC Series 2006-SP4 (the
"Certificates") consisting of classes of senior certificates designated as Class A-1, Class
A-2 and Class A-3 (collectively, the "Senior Certificates") and subordinate certificates
designated as Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5 and Class M-6
Certificates (collectively, the "Class M Certificates"), Class R-I Certificates, Class R-II
Certificates and Class SB Certificates representing beneficial ownership interests in a
trust fund consisting primarily of a pool of mortgage loans identified in Exhibits F-1 and
F-2 to the Pooling and Servicing Agreement (the "Mortgage Loans").
D. In connection with the purchase of the Mortgage Loans, the Company will assign
to or at the direction of RFC the Class R-I, Class R-II and Class SB Certificates
(collectively, the "Retained Certificates").
E. In connection with the purchase of the Mortgage Loans and the issuance of the
Certificates, RFC wishes to make certain representations and warranties to the Company and
to assign certain of its rights under the Seller Contracts to the Company, and the Company
wishes to assume certain of RFC's obligations under the Seller Contracts.
F. The Company and RFC intend that the conveyance by RFC to the Company of all
its right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall
constitute a purchase and sale and not a loan.
NOW THEREFORE, in consideration of the recitals and the mutual promises herein and
other good and valuable consideration, the parties agree as follows:
1. All capitalized terms used but not defined herein shall have the meanings assigned
thereto in the Pooling and Servicing Agreement.
2. Concurrently with the execution and delivery hereof, RFC hereby assigns to the
Company without recourse all of its right, title and interest in and to the Mortgage Loans,
including all interest and principal received on or with respect to the Mortgage Loans after
the Cut-off Date (other than payments of principal and interest due on the Mortgage Loans in
November 2006). In consideration of such assignment, RFC will receive from the Company, in
immediately available funds, an amount equal to $303,093,260.76 and the Retained
Certificates. In connection with such assignment and at the Company's direction, RFC has in
respect of each Mortgage Loan endorsed the related Mortgage Note (other than any Destroyed
Mortgage Note) to the order of the Trustee and delivered an assignment of mortgage in
recordable form to the Trustee or its agent. A Destroyed Mortgage Note means a Mortgage
Note the original of which was permanently lost or destroyed.
The Company and RFC intend that the conveyance by RFC to the Company of all its
right, title and interest in and to the Mortgage Loans pursuant to this Section 2 shall be,
and be construed as, a sale of the Mortgage Loans by RFC to the Company. It is, further, not
intended that such conveyance be deemed to be a pledge of the Mortgage Loans by RFC to the
Company to secure a debt or other obligation of RFC. However, in the event that the Mortgage
Loans are held to be property of RFC, or if for any reason this Agreement is held or deemed
to create a security interest in the Mortgage Loans then it is intended that (a) this
Agreement shall also be deemed to be a security agreement within the meaning of Articles 8
and 9 of the Minnesota Uniform Commercial Code and the Uniform Commercial Code of any other
applicable jurisdiction; (b) the conveyance provided for in this Section shall be deemed to
be a grant by RFC to the Company of a security interest in all of RFC's right (including the
power to convey title thereto), title and interest, whether now owned or hereafter acquired,
in and to (A) the Mortgage Loans, including (i) with respect to each Cooperative Loan, the
related Mortgage Note, Security Agreement, Assignment of Proprietary Lease, Cooperative
Stock Certificate, Cooperative Lease, any insurance policies and all other documents in the
related Mortgage File and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, the Mortgage Notes, the Mortgages, any related insurance policies and all other
documents in the related Mortgage Files, (B) all amounts payable pursuant to the Mortgage
Loans in accordance with the terms thereof and (C) any and all general intangibles, payment
intangibles, accounts, chattel paper, instruments, documents, money, deposit accounts,
certificates of deposit, goods, letters of credit, advices of credit and investment property
and other property of whatever kind or description now existing or hereafter acquired
consisting of, arising from or relating to any of the foregoing, and all proceeds of the
conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property, including, without limitation, all amounts from time to time held or
invested in the Certificate Account or the Custodial Account, whether in the form of cash,
instruments, securities or other property; (c) the possession by the Trustee, the Custodian
or any other agent of the Trustee of Mortgage Notes or such other items of property as
constitute instruments, money, negotiable documents or chattel paper shall be deemed to be
"possession by the secured party", or possession by a purchaser or a person designated by
him, for purposes of perfecting the security interest pursuant to the Minnesota Uniform
Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction
(including, without limitation, Section 9-305, 8-313 or 8-321 thereof); and (d)
notifications to persons holding such property, and acknowledgments, receipts or
confirmations from persons holding such property, shall be deemed notifications to, or
acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents
(as applicable) of the Trustee for the purpose of perfecting such security interest under
applicable law. RFC shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were deemed to
create a security interest in the Mortgage Loans and the other property described above,
such security interest would be deemed to be a perfected security interest of first priority
under applicable law and will be maintained as such throughout the term of this Agreement.
Without limiting the generality of the foregoing, RFC shall prepare and deliver to the
Company no less than 15 days prior to any filing date, and the Company shall file, or shall
cause to be filed, at the expense of RFC, all filings necessary to maintain the
effectiveness of any original filings necessary under the Uniform Commercial Code as in
effect in any jurisdiction to perfect the Company's security interest in or lien on the
Mortgage Loans including without limitation (x) continuation statements, and (y) such other
statements as may be occasioned by (1) any change of name of RFC or the Company, (2) any
change of location of the state of formation, place of business or the chief executive
office of RFC or (3) any transfer of any interest of RFC in any Mortgage Loan.
3. Concurrently with the execution and delivery hereof, the Company hereby assigns to or
at the direction of RFC without recourse all of its right, title and interest in and to the
Retained Certificates as part of the consideration payable to RFC by the Company pursuant to
this Agreement.
4. RFC represents and warrants to the Company, with respect to each Mortgage Loan that
on the date of execution hereof (or, if otherwise specified below, as of the date so
specified):
(a) The information set forth in the Mortgage Loan Schedule for such Mortgage Loan is
true and correct in all material respects as of the date or dates respecting
which such information is furnished;
(b) Each Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A) of
the Code and Treasury Regulations Section 1.860G-2(a)(1);
(c) Immediately prior to the conveyance of each Mortgage Loan to the Trustee, RFC had
good title to, and was the sole owner of, such Mortgage Loan free and clear of
any pledge, lien, encumbrance or security interest (other than rights to
servicing and related compensation) and such conveyance validly transfers
ownership of such Mortgage Loan to the Trustee free and clear of any pledge,
lien, encumbrance or security interest;
(d) Each Mortgage Note constitutes a legal, valid and binding obligation of the Mortgagor
enforceable in accordance with its terms except as limited by bankruptcy,
insolvency or other similar laws affecting generally the enforcement of
creditors' rights;
(e) To the best of RFC's knowledge as of the Cut-off Date, and except as noted in (h)
below, there is no default, breach, violation or event of acceleration
existing under the terms of any Mortgage Note or Mortgage and no event which,
with notice and expiration of any grace or cure period, would constitute a
default, breach, violation or event of acceleration under the terms of any
Mortgage Note or Mortgage, and no such default, breach, violation or event of
acceleration has been waived by RFC or by any other entity involved in
servicing a Mortgage Loan;
(f) Each Mortgage Loan with a Loan-to-Value Ratio, or combined Loan-to-Value Ratio in the
case of Mortgage Loans Secured by second liens, at origination in excess of
80% will be insured by a Primary Insurance Policy, except for 91.8% of the
Mortgage Loans. The amount of this insurance covers the amount of such
Mortgage Loan in excess of 75% of the value of the related Mortgaged Property
used in determining the Loan-to-Value Ratio, or combined Loan-to-Value Ratio
in the case of Mortgage Loans Secured by second liens.
(g) As of the Cut-Off Date, none of the Mortgage Loans are 30 to 59 days Delinquent in
payment of principal and interest and approximately 0.9% of the Mortgage Loans
have been 30 to 59 days delinquent in the payment of principal and interest
within the last twelve months. As of the Cut-Off Date, none of the Mortgage
Loans are currently 60 or more days delinquent in the payment of principal and
interest and none of the Mortgage Loans have been 60 or more days delinquent
in the payment of principal and interest within the last twelve months;
(h) None of the Mortgage Loans is a Buy-Down Mortgage Loan;
(i) To the best of RFC's knowledge, there is no delinquent tax or assessment lien against
any related Mortgaged Property;
(j) No Mortgagor has any valid right of offset, defense or counterclaim as to the related
Mortgage Note or Mortgage, except as may be provided under the Servicemembers
Civil Relief Act of 1940, as amended;
(k) No Mortgage Loan provides for payments that are subject to reduction by withholding
taxes levied by any foreign (non-United States) sovereign government;
(l) The proceeds of each Mortgage Loan have been fully disbursed and (2) to the best of
RFC's knowledge, there is no requirement for future advances thereunder and
any and all requirements as to completion of any on-site or off-site
improvements and as to disbursements of any escrow funds therefor (including
any escrow funds held to make Monthly Payments pending completion of such
improvements) have been complied with. All costs, fees and expenses incurred
in making, closing or recording the Mortgage Loans were paid;
(m) To the best of RFC's knowledge, with respect to each Mortgage Loan, there are no
mechanics' liens or claims for work, labor or material affecting any Mortgaged
Property which are or may be a lien prior to, or equal with, the lien of the
related Mortgage, except such liens that are insured or indemnified against by
a title insurance policy;
(n) With respect to each Mortgage Loan, a policy of title insurance was effective as of
the closing of such Mortgage Loan, is valid and binding, and remains in full
force and effect, unless the related Mortgaged Property is located in the
State of Iowa and an attorney's certificate has been provided;
(o) Each Mortgaged Property is free of damage and in good repair and no notice of
condemnation has been given with respect thereto. RFC knows of nothing
involving any Mortgaged Property that could reasonably be expected to
materially adversely affect the value or marketability of any Mortgaged
Property;
(p) Each Mortgage contains customary and enforceable provisions which render the rights
and remedies of the holder adequate to realize the benefits of the security
against the Mortgaged Property, including (i) in the case of a Mortgage that
is a deed of trust, by trustee's sale or (ii) by judicial foreclosure or, if
applicable, non judicial foreclosure, and to the best of RFC's knowledge,
there is no homestead or other exemption available to the Mortgagor that would
interfere with such right to sell at a trustee's sale or right to foreclosure,
subject in each case to applicable federal and state laws and judicial
precedents with respect to bankruptcy and right of redemption;
(q) To the best of RFC's knowledge, with respect to each Mortgage that is a deed of
trust, a trustee duly qualified under applicable law to serve as such is
properly named, designated and serving, and except in connection with a
trustee's sale after default by a Mortgagor, no fees or expenses are payable
by the seller or RFC to the trustee under any Mortgage that is a deed of trust;
(r) If the improvements securing a Mortgage Loan are located in a federal designated
special flood hazard area, flood insurance in the amount required under the
Program Guide covers such Mortgaged Property (either by coverage under the
federal flood insurance program or by coverage from private insurers);
(s) To the extent an appraisal was made on a Mortgage Loan, the appraisal was made by an
appraiser who meets the minimum qualifications for appraisers as specified in
the Program Guide;
(t) Each Mortgage Loan is covered by a standard hazard insurance policy;
(u) [RESERVED];
(v) To the best of RFC's knowledge, any escrow arrangements established with respect to
any Mortgage Loan are in compliance with all applicable local, state and
federal laws and are in compliance with the terms of the related Mortgage Note;
(w) None of the Mortgage Loans are mortgage loans that under applicable state or local
law in effect at the time of origination of such loan are referred to as a
"high-cost" or "covered" loan or any other similar designation if the law
imposes greater restrictions or additional legal liability for residential
mortgage loans with high interest rates, points and/or fees;
(x) Approximately 0.7% of the Mortgage Loans are subject to the Home Ownership and Equity
Act of 1994, referred to as the Homeownership Act.
(y) None of the proceeds of any Mortgage Loan were used to finance the purchase of single
premium credit insurance policies;
(z) No Mortgage Loan has a prepayment penalty term that extends beyond five years after
the date of origination;
(aa) Each Mortgage Loan at the time it was made complied in all material respects with
applicable local, state, and federal laws, including, but not limited to, all
applicable anti-predatory lending laws; including the Homeownership Act.
(bb) No Mortgage Loan is a High Cost Loan or Covered Loan, as applicable (as such terms
are defined in Appendix E of the Standard & Poor's Glossary For File Format
For LEVELS(R)Version 5.6E Revised (attached hereto as Exhibit 1)); provided
that no representation and warranty is made in this clause (y) with respect to
any Mortgage Loan secured by property located in the located in the State of
West Virginia, and provided further that no Qualified Substitute Mortgage Loan
shall be a High Cost Loan or Covered Loan (as such terms are defined in
Appendix E of the Standard & Poor's Glossary for File Format For LEVELS(R)in
effect on the date of substitution), unless the Company shall have received
from S&P written confirmation that the inclusion of any such Mortgage Loan
will not adversely affect the then current ratings assigned to any of the
Certificates by S&P; and
(cc) To the best of RFC's knowledge, the Subservicer for each Mortgage Loan has accurately
and fully reported its borrower credit files to each of the Credit
Repositories in a timely manner.
(dd) No Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is
governed by the Georgia Fair Lending Act.
Upon discovery by RFC or upon notice from the Company or the Trustee of a breach of
the foregoing representations and warranties in respect of any Mortgage Loan, without giving
effect to any requirement that RFC have prior knowledge of such breach in respect of any
Mortgage Loan, or upon the occurrence of a Repurchase Event as described in Section 5 below,
which materially and adversely affects the interests of any holders of the Certificates or
the Company in such Mortgage Loan (notice of which shall be given to the Company by RFC, if
it discovers the same), RFC shall, within 90 days after the earlier of its discovery or
receipt of notice thereof, either cure such breach or Repurchase Event in all material
respects or, except as otherwise provided in Section 2.04 of the Pooling and Servicing
Agreement, either (i) purchase such Mortgage Loan from the Trustee or the Company, as the
case may be, at a price equal to the Purchase Price for such Mortgage Loan or (ii)
substitute a Qualified Substitute Mortgage Loan or Loans for such Mortgage Loan in the
manner and subject to the limitations set forth in Section 2.04 of the Pooling and Servicing
Agreement. If the breach of representation and warranty that gave rise to the obligation to
repurchase or substitute a Mortgage Loan pursuant to this Section 4 was the representation
and warranty set forth in clause (cc) of this Section 4, then RFC shall pay to the Trust
Fund, concurrently with and in addition to the remedies provided in the preceding sentence,
an amount equal to any liability, penalty or expense that was actually incurred and paid out
of or on behalf of the Trust Fund, and that directly resulted from such breach, or if
incurred and paid by the Trust Fund thereafter, concurrently with such payment.
Notwithstanding the foregoing, RFC shall not be required to cure breaches, Repurchase Events
or purchase or substitute for Mortgage Loans as provided above if the substance of such
breach or Repurchase Event also constitutes fraud in the origination of the Mortgage Loan.
5. With respect to each Mortgage Loan, a repurchase event ("Repurchase Event") shall
have occurred if one or both of the following occur: (a) it is discovered that, as of the
date hereof, the related Mortgage was not a valid first lien (or second lien, with respect
to junior lien Mortgage Loans) on the related Mortgaged Property subject only to (i) the
lien of real property taxes and assessments not yet due and payable, (ii) covenants,
conditions, and restrictions, rights of way, easements and other matters of public record as
of the date of recording of such Mortgage and such other permissible title exceptions as are
listed in the Program Guide and (iii) other matters to which like properties are commonly
subject which do not materially adversely affect the value, use, enjoyment or marketability
of the Mortgaged Property or (b) it is discovered that, as of the time of its origination
and as of the date of execution hereof, the Mortgage Loan did not comply in all material
respects with all applicable local, state and federal laws. In addition, with respect to any
Mortgage Loan listed on the attached Schedule A with respect to which any document or
documents constituting a part of the Mortgage File are missing or defective in any material
respect, if such Mortgage Loan subsequently is in default and the enforcement thereof or of
the related Mortgage note is materially adversely affected by the absence or defectiveness
of any such document or documents, a Repurchase Event shall be deemed to have occurred and
RFC will be obligated to repurchase or substitute for such Mortgage Loan in the manner set
forth in Section 4 above.
6. Concurrently with the execution and delivery hereof, RFC hereby assigns to the
Company, and the Company hereby assumes, all of RFC's rights and obligations under the
Seller Contracts with respect to the Mortgage Loans to be serviced under the Pooling and
Servicing Agreement, other than RFC's obligations in respect of representations and
warranties made by it under any Seller Contract; provided that, notwithstanding the
assignment and assumption hereunder, RFC shall have the concurrent right to exercise
remedies and pursue indemnification upon a breach by a Seller under any Seller Contract of
any of its representations and warranties. This Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective successors and assigns, and no other
person shall have any right or obligation hereunder.
7. This Agreement will be governed by and construed in accordance with the laws of the
State of New York, without regard to the conflict of law principles thereof, other than
Sections 5-1401 and 5-1402 of the New York General Obligations Law.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties have entered into this Assignment and Assumption
Agreement as of the date first above written.
RESIDENTIAL FUNDING COMPANY, LLC
By: /s/ Xxxxxx Xxxxxx
Name: Xxxxxx Xxxxxx
Title: Associate
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: /s/ Xxxxxxxxxxx Xxxxxxxx
Name: Xxxxxxxxxxx Xxxxxxxx
Title: Vice President
SCHEDULE A
Schedule of Mortgage Loans with Defective Mortgage Files
(See attached)
EXHIBIT 1
REVISED July 11, 0000
XXXXXXXX X - STANDARD & POOR'S PREDATORY LENDING CATEGORIES
Standard & Poor's has categorized loans governed by anti-predatory lending laws in the
Jurisdictions listed below into three categories based upon a combination of factors that
include (a) the risk exposure associated with the assignee liability and (b) the tests and
thresholds set forth in those laws. Note that certain loans classified by the relevant
statute as Covered are included in Standard & Poor's High Cost Loan Category because they
included thresholds and tests that are typical of what is generally considered High Cost by
the industry.
STANDARD & POOR'S HIGH COST LOAN CATEGORIZATION
------------------------------------------------------------------------------------------------
---------------------------- ---------------------------------------- --------------------------
State/Jurisdiction Name of Anti-Predatory Category under
Applicable
Anti-Predatory Lending
Lending Law/Effective Date Law
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Arkansas Arkansas Home Loan Protection Act, High Cost Home Loan
Ark. Code Xxx.ss.ss.00-00-000 et seq.
Effective July 16, 2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Cleveland Heights, OH Ordinance No. 72-2003 (PSH), Mun. Code Covered Loan
ss.ss.757.01 et seq.
Effective June 2, 2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Colorado Consumer Equity Protection, Colo. Covered Loan
Stat. Xxx.ss.ss.5-3.5-101 et seq.
Effective for covered loans offered or
entered into on or after January 1,
2003. Other provisions of the Act took
effect on June 7, 2002
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Connecticut Connecticut Abusive Home Loan Lending High Cost Home Loan
Practices Act, Conn. Gen. Xxxx.xx.xx.
36a-746 et seq.
Effective October 1, 2001
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
District of Columbia Home Loan Protection Act, D.C. Xxxxxx.xx. Covered Loan
26-1151.01 et seq.
Effective for loans closed on or after
January 28, 2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Florida Fair Lending Act, Fla. Stat. Xxx.xx.xx. High Cost Home Loan
494.0078 et seq.
Effective October 2, 2002
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Georgia (Oct. 1, 0000 - Xxxxxxx Xxxx Xxxxxxx Xxx, Xx. Code High Cost Home Loan
Mar. 6, 2003) Xxx.ss.ss.7-6A-1 et seq.
Effective October 1, 2002 - March 6,
2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Georgia as amended (Mar. Georgia Fair Lending Act, Ga. Code High Cost Home Loan
7, 2003 - current) Xxx.ss.ss.7-6A-1 et seq.
Effective for loans closed on or after
March 7, 2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
HOEPA Section 32 Home Ownership and Equity Protection High Cost Loan
Act of 1994, 15 U.S.C.ss.1639, 12
C.F.R.ss.ss.226.32 and 226.34
Effective October 1, 1995, amendments
October 1, 2002
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Illinois High Risk Home Loan Act, Ill. Comp. High Risk Home Loan
Stat. tit. 815,ss.ss.137/5 et seq.
Effective January 1, 2004 (prior to
this date, regulations under
Residential Mortgage License Act
effective from May 14, 2001)
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Kansas Consumer Credit Code, Kan. Stat. Xxx. High Loan to Value
ss.ss.16a-1-101 et seq. Consumer Loan (xx.xx.
16a-3-207) and;
Sections 16a-1-301 and 16a-3-207
became effective April 14, 1999;
Section 16a-3-308a became effective
July 1, 1999
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
High APR Consumer Loan
(id.ss.16a-3-308a)
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Kentucky 2003 KY H.B. 287 - High Cost Home Loan High Cost Home Loan
Act, Ky. Rev. Stat.ss.ss.360.100 et seq.
Effective June 24, 2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Maine Truth in Lending, Me. Rev. Stat. tit. High Rate High Fee
9-A,ss.ss.8-101 et seq. Mortgage
Effective September 29, 1995 and as
amended from time to time
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Massachusetts Part 40 and Part 32, 209 X.X.X.xx.xx. High Cost Home Loan
32.00 et seq. and 209 C.M.R.ss.ss.40.01
et seq.
Effective March 22, 2001 and amended
from time to time
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Nevada Assembly Xxxx No. 284, Nev. Rev. Stat. Home Loan
ss.ss.598D.010 et seq.
Effective October 1, 2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
New Jersey New Jersey Home Ownership Security Act High Cost Home Loan
of 2002, N.J. Rev. Stat.ss.ss.46:10B-22
et seq.
Effective for loans closed on or after
November 27, 2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
New Mexico Home Loan Protection Act, N.M. Rev. High Cost Home Loan
Stat.ss.ss.58-21A-1 et seq.
Effective as of January 1, 2004;
Revised as of February 26, 2004
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
New York N.Y. Banking Law Article 6-l High Cost Home Loan
Effective for applications made on or
after April 1, 2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
North Carolina Restrictions and Limitations on High High Cost Home Loan
Cost Home Loans, N.C. Gen. Xxxx.xx.xx.
24-1.1E et seq.
Effective July 1, 2000; amended
October 1, 2003 (adding open-end lines
of credit)
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Ohio H.B. 386 (codified in various sections Covered Loan
of the Ohio Code), Ohio Rev. Code Xxx.
ss.ss.1349.25 et seq.
Effective May 24, 2002
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Oklahoma Consumer Credit Code (codified in Subsection 10 Mortgage
various sections of Title 14A)
Effective July 1, 2000; amended
effective January 1, 2004
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
South Carolina South Carolina High Cost and Consumer High Cost Home Loan
Home Loans Act, S.C. Code Xxx.xx.xx.
37-23-10 et seq.
Effective for loans taken on or after
January 1, 2004
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
West Virginia West Virginia Residential Mortgage West Virginia Mortgage
Lender, Broker and Servicer Act, W. Loan Act Loan
Va. Code Xxx.ss.ss.31-17-1 et seq.
Effective June 5, 2002
---------------------------- ---------------------------------------- --------------------------
------------------------------------------------------------------------------------------------
STANDARD & POOR'S COVERED LOAN CATEGORIZATION
------------------------------------------------------------------------------------------------
---------------------------- ---------------------------------------- --------------------------
State/Jurisdiction Name of Anti-Predatory Category under
Applicable
Anti-Predatory Lending
Lending Law/Effective Date Law
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Georgia (Oct. 1, 2002 - Georgia Fair Lending Act, Ga. Code Covered Loan
Mar. 6, 2003) Xxx.ss.ss.7-6A-1 et seq.
Effective October 1, 2002 - March 6,
2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
New Jersey New Jersey Home Ownership Security Act Covered Home Loan
of 2002, N.J. Rev. Stat.ss.ss.46:10B-22
et seq.
Effective November 27, 2003 - July 5,
2004
---------------------------- ---------------------------------------- --------------------------
STANDARD & POOR'S HOME LOAN CATEGORIZATION
------------------------------------------------------------------------------------------------
---------------------------- ---------------------------------------- --------------------------
State/Jurisdiction Name of Anti-Predatory Category under
Applicable
Anti-Predatory Lending
Lending Law/Effective Date Law
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
Georgia (Oct. 1, 2002 - Georgia Fair Lending Act, Ga. Code Home Loan
Mar. 6, 2003) Xxx.ss.ss.7-6A-1 et seq.
Effective October 1, 2002 - March 6,
2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
New Jersey New Jersey Home Ownership Security Act Home Loan
of 2002, N.J. Rev. Stat.ss.ss.46:10B-22
et seq.
Effective for loans closed on or after
November 27, 2003
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Home Loan
Stat.ss.ss.58-21A-1 et seq.
Effective as of January 1, 2004;
Revised as of February 26, 2004
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
North Carolina Restrictions and Limitations on High Consumer Home Loan
Cost Home Loans, N.C. Gen. Xxxx.xx.xx.
24-1.1E et seq.
Effective July 1, 2000; amended
October 1, 2003 (adding open-end lines
of credit)
---------------------------- ---------------------------------------- --------------------------
---------------------------- ---------------------------------------- --------------------------
South Carolina South Carolina High Cost and Consumer Consumer Home Loan
Home Loans Act, S.C. Code Xxx.xx.xx.
37-23-10 et seq.
Effective for loans taken on or after
January 1, 2004
---------------------------- ---------------------------------------- --------------------------
